Complete Guide to Company Incorporation in Singapore: Steps and Requirements

Incorporating a company in Singapore is straightforward, thanks to the country’s business-friendly environment and efficient processes. This guide will take you through the essential steps and requirements for company incorporation in Singapore, helping you navigate the process smoothly.

Understanding Business Structures in Singapore

Before you begin the company incorporation process in Singapore, it’s crucial to understand the available business structures:

• Private Limited Company (Pte Ltd): The most common structure, offering limited liability. A Pte Ltd is a separate legal entity, meaning shareholders are only liable up to their investment. At least one shareholder and one director are required.

• Sole Proprietorship: A simple structure where the owner is personally liable for all business debts.

• Partnership: Involves two or more people running a business together, with partners personally liable for the business’s debts.

• Limited Liability Partnership (LLP): Offers limited liability while maintaining flexibility in management.

For most entrepreneurs, the Private Limited Company is the preferred choice due to its liability protection and enhanced credibility.

Step 1: Choose a Unique Company Name

The first step in incorporating a company in Singapore is selecting a unique and suitable name:

• Unique: Ensure it’s not identical to any existing company name.

• Appropriate: Avoid vulgar or offensive language.

• Approval Required: Certain words may need additional approvals.

Once you have a name, reserve it through the Accounting and Corporate Regulatory Authority (ACRA) using the BizFile+ portal.

Step 2: Prepare Required Documents

Next, gather all necessary documents for Singapore company incorporation:

• Company Constitution: Outlines your company’s operations. You can use ACRA’s template or create a custom one.

• Identification Documents: Provide copies of NRICs for Singaporeans or passports for foreign shareholders and directors.

• Shareholder and Director Information: Details about all shareholders and directors.

• Registered Address: A physical Singapore address is required for official communications.

Step 3: Register Your Company with ACRA

Once your documents are ready, follow these steps to register your company in Singapore:

1. Create a CorpPass Account: Sign up to access ACRA’s online services.

2. Submit Application via BizFile+: Upload your incorporation documents and submit your application.

3. Pay the Registration Fee: The registration fee for a Private Limited Company is SGD 300.

4. Receive Confirmation: ACRA will review your application. If approved, you’ll receive a confirmation email.

Step 4: Open a Corporate Bank Account

After incorporation, the next step is to open a corporate bank account in Singapore. Here’s how:

1. Choose a Bank: Research banks to find one that meets your business needs.

2. Prepare Required Documents: Most banks require incorporation documents, company constitutions, and identification.

3. Schedule an Appointment: Contact the bank to set up an account-opening appointment.

A separate business account helps you manage finances effectively and maintain accurate records.

Step 5: Appoint a Corporate Secretary

Every company in Singapore must appoint a qualified corporate secretary within six months of incorporation. This role is essential for compliance with Singapore’s Companies Act.

Corporate Secretary Responsibilities:

• Managing corporate records and filings

• Ensuring regulatory compliance

• Advising the board on governance matters

Hiring a professional corporate secretary is advisable, especially for those new to Singapore’s regulatory landscape.

Step 6: Register for Taxes and Obtain Licenses

Once your company is incorporated, register for relevant taxes and any necessary licenses:

• Goods and Services Tax (GST): If annual revenue exceeds SGD 1 million, GST registration is mandatory.

• Business Licenses: Depending on your industry, specific licenses may be required.

Be sure to consult relevant authorities to fulfill all tax and licensing requirements.

Step 7: Maintain Ongoing Compliance

After setting up your company, it’s important to meet ongoing compliance requirements to stay in good standing with Singapore’s regulatory bodies:

• Annual Returns: File annual returns with ACRA.

• Accounting Records: Maintain records and prepare financial statements.

• AGMs: Hold Annual General Meetings to discuss critical matters.

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Looking for Company Incorporation in Singapore? Contact Swiftly Today!

Starting your business in Singapore is easier with the right support. Swiftly assists with every aspect of company incorporation in Singapore, from name reservation to compliance. Our expert team ensures your company is set up correctly, so you can focus on growth. Contact us to get started today!